Iberdrola is a regulated utility with highly visible cash flows, investment-grade rating in the BBB area, and a history of hybrid bond issuance (including 2021/2022). Its financial metrics (Net Debt/EBITDA of 3.91, FFO/Net Debt of 19.65%) are moderate but could benefit from hybrid issuance to improve leverage and rating headroom. The company has significant capex needs (construction in progress increased to €11.5bn, PPE to €86.3bn) and a strong funding rationale. Although current metrics are stable, hybrid issuance could materially enhance financial flexibility and support refinancing, capex, or M&A activities. Market access is strong, and existing hybrids may be approaching call dates, further supporting refinancing needs. Given the regulated nature of its business, investment-grade profile, and clear use of proceeds, Iberdrola meets the criteria for **Strongly Suitable** for hybrid bond issuance.

<answer>Strongly Suitable</answer>